Under the terms of the agreement, SilverRange Financial will acquire NARL’s Canadian refining and marketing businesses in Newfoundland.

Canadian refining involves a 115,000 barrel-per-day crude oil refinery in Come By Chance where as the marketing business comprises gas stations and other assets that sell petroleum products to local markets.

In addition to acquiring inventories of crude oil and refined products as well as NARL’s North Atlantic-branded marketing, marine and home heating businesses, SilverRange will buy 53 North Atlantic and Home Town branded gasoline stations, as well as convenience stores, including 14 Orangestore branded locations.

SilverRange official Harsh Rameshwar said: "NARL is strategically located along Atlantic crude oil shipping routes and provides access to petroleum markets in Europe and the U.S. Eastern seaboard.

"Its clean fuel technology enables the refinery to produce low-sulphur, clean fuels, providing flexibility to refine crudes from many parts of the world. In addition, the marketing business is a unique and attractive stable margin asset."

Separately, SilverRange also signed a multi-year feedstock supply and product off-take arrangement with a global oil firm as well as debt and inventory finance arrangements with major financial institutions.

The NARL transaction, which is subject to regulatory approvals, is scheduled to be completed in the fourth quarter of 2014.